Services PMI in May increases at second-fastest pace in 13 yrs
Business Standard|June 06, 2023
Growth in India's dominant services sector declined in May as inflationary pressures intensified in both input costs and output charges, said a private survey on Monday.
SHIVA RAJORA
Services PMI in May increases at second-fastest pace in 13 yrs

The headline figure in the Purchasing Managers' Index (PMI) survey by credit rating agency S&P Global declined marginally to 61.2 in May from its 13-year high of 62 in April. The May services PMI is the second-highest print in under 13 years. A print above 50 in the survey denotes expansion of services activity, and below that suggests contraction. The headline figure has been in the expansion zone for 22 months since August 2021. The PMI is based on the responses of around 400 service companies covering non-retail consumer services, transport, information, communication, finance, insurance, real estate, and business services.

"Output rose at the second-quickest pace since July 2010, supported by sustained growth of new business in the face of positive demand trends. Favourable demand conditions, new client wins and positive market dynamics reportedly supported output," the survey noted.

This story is from the June 06, 2023 edition of Business Standard.

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This story is from the June 06, 2023 edition of Business Standard.

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